DFX Intelligence
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Borrower
S•• F•••• I••
Machinerygroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Emerald JV LP; Fixed Rate; Inc. Asset Type; Industrial; Industrial Machinery & Supplies & Components; Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 100¢ · 100¢ · 100¢ · 100¢Q4 2024 to Q4 2025
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $87.0M
sum of BDC pieces, a lower bound
Fair value
$87.2M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
11
7 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Apr 1, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2025
Events
7
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $42.6M | 100¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $19.8M | 100¢ | 0 pts |
| A••• S•••••••• I••••• F••• | $15.6M | 100¢ | 0 pts |
| A•••••• S•••••••• C••••• F••• | $4.63M | 100¢ | 0 pts |
| F•••• E•••• P•••••• C••••• F••• | $2M | 100¢ | 0 pts |
View all 7 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $1.85M | 100¢ | -1 pts |
| A•••••• P•••••• C••••• F••• | $556K | 100¢ | -1 pts |
Every BDC piece · 10 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• M•••••••• I••••••• R••• 6.47% R•••••••• R••• and S•• | $21.3M | $21.3M 100c | SOFR+275 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• M•••••••• I••••••• R••• 6.47% R•••••••• R••• and S•• | $21.3M | $21.3M 100c | SOFR+275 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $15.6M | $15.6M 100c | S+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $8.7M | $8.7M 100c | S+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $8.0M | $8.0M 100c | S+275 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 2.75% I••••••• R••• 6.42% M• | $4.6M | $4.6M 100c | SOFR+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $3.1M | $3.2M 100c | S+275 bp |
| F•••• E•••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 2.75% I••••••• R••• F•••• 0.50% I••••••• R•• | $2.0M | $2.0M 100c | SOFR+275 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+275, 0.50% F•••• M•••• | $1.9M | $1.9M 100c | SOFR+275 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 2.75% I••••••• R••• 6.42% M• | $556,000 | $558,000 100c | SOFR+275 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $67.2M | 100c | SOFR+275 bp | Apr 5, 2029 | 6 |
| other lien unstated exited Dec 31, 2025 | at least $19.8M | 100c | S+275 bp | Apr 5, 2029 | 1 |
| unsecured or subordinated notes unsecured or subordinated exited Sep 30, 2023 | at least $6.3M | 97c | 8.75% | Apr 1, 2030 | 1 |
| notes lien unstated exited Jun 30, 2024 | at least $1.9M | 106c | 8.75% | Apr 1, 2030 | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 7 | $87.0M | $87.2M | 100c | 0 |
| Sep 30, 2025 | 7 | $60.8M | $61.1M | 100c | 0 |
| Jun 30, 2025 | 5 | $49.5M | $49.7M | 100c | 0 |
| Mar 31, 2025 | 5 | $42.3M | $42.2M | 100c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 5 | $68.9M | $69.5M | 101c | 0 |
| Sep 30, 2024 | 5 | $34.4M | $34.4M | 100c | 0 |
| Jun 30, 2024 | 6 | $37.8M | $38.1M | 101c | 0 |
| Mar 31, 2024 | 6 | $57.7M | $58.0M | 103c | 0 |
| Dec 31, 2023 | 5 | $56.1M | $56.4M | 103c | 0 |
| Sep 30, 2023 | 4 | $43.7M | $43.3M | 103c | 0 |
| Jun 30, 2023 | 4 | $37.7M | $36.8M | 102c | 0 |
| Mar 31, 2023 | 5 | $39.1M | $36.9M | 117c | 0 |
| Dec 31, 2022 | 4 | $88.6M | $81.1M | 96c | 0 |
| Sep 30, 2022 | 3 | $67.2M | $62.4M | 97c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilitySep 30, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
Full timeline · 12 eventsShow fewer
- Spread changed (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityDec 31, 2023
- Facility left every BDC scheduleSep 30, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- S•• F•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- Machineryreportedas one filer wrote it